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USPH

U.S. Physical Therapy, Inc.

USPH

U.S. Physical Therapy, Inc. • NYSE
$73.85 ▼ -0.12% (-0.09)
Market Cap $1.12 B
52w High $101.20
52w Low $62.77
Dividend Yield 1.80%
P/E 31.16
Volume 70.96K
Outstanding Shares 15.20M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $164.024M ▼ $11.542M ▼ $7.243M ▼ 4.416% ▼ $0.48 ▼ $31.115M ▼
Q2-2025 $164.183M ▲ $16.686M ▲ $8.815M ▼ 5.369% ▼ $0.58 ▼ $31.132M ▲
Q1-2025 $152.547M ▼ $11.423M ▼ $9.899M ▲ 6.489% ▲ $0.8 ▲ $25.474M ▼
Q4-2024 $180.447M ▲ $19.159M ▲ $7.438M ▲ 4.122% ▲ $0.52 ▲ $26.056M ▲
Q3-2024 $168.033M $14.385M $5.531M 3.292% $0.39 $18.741M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $31.102M ▼ $1.196B ▲ $413.827M ▼ $503.567M ▲
Q2-2025 $34.086M ▼ $1.18B ▼ $414.008M ▼ $500.75M ▲
Q1-2025 $39.183M ▼ $1.18B ▲ $420.679M ▲ $497.261M ▲
Q4-2024 $41.362M ▼ $1.167B ▲ $408.421M ▲ $488.929M ▲
Q3-2024 $116.959M $1.029B $358.473M $482.758M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $17.642M ▼ $19.94M ▼ $-11.935M ▲ $-10.989M ▲ $-2.984M ▲ $15.625M ▼
Q2-2025 $17.72M ▲ $34.861M ▲ $-12.706M ▼ $-27.252M ▼ $-5.097M ▼ $31.61M ▲
Q1-2025 $9.899M ▼ $-4.675M ▼ $-6.628M ▲ $9.124M ▲ $-2.179M ▲ $-7.254M ▼
Q4-2024 $12.494M ▲ $19.409M ▼ $-94.853M ▼ $-153K ▲ $-75.597M ▼ $16.92M ▼
Q3-2024 $9.777M $22.12M $-5.842M $-12.23M $4.048M $19.597M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Net Patient Revenues
Net Patient Revenues
 $150.00M ▲$150.00M ▲$160.00M ▲$160.00M ▲
Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues
Other Revenues Including Management Contract Revenues and Industrial Injury Prevention Services Revenues
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing a business that is expanding its footprint rather than standing still. Profitability, however, looks more up‑and‑down. Core operating profits have been reasonably consistent, but bottom‑line earnings and earnings per share have bounced around, with a weaker year recently followed by a noticeable recovery. This suggests a solid underlying business facing occasional pressure from items like reimbursement, wage costs, or one‑off charges. Overall, the income statement shows a mature operator with stable operations, modest growth, and earnings that can be choppy year to year rather than in a straight line.

Balance Sheet

Balance Sheet The balance sheet has become larger and stronger over time, with total assets and shareholder equity both trending upward. Debt has increased, but it still appears manageable relative to the size of the company, reflecting a willingness to use borrowing to fund growth and acquisitions. Cash levels have moved around, with one year of higher cash followed by a return to lower but workable cash balances. In plain terms, the company looks reasonably well capitalized, using some leverage but not in an extreme way, and steadily building its equity base.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been consistently positive and generally healthy, even in years when reported earnings were softer. Capital spending needs are relatively modest and very stable, so a good portion of the cash coming in can fall through to free cash flow. That pattern points to an asset‑light, service‑based model that does not require heavy ongoing investment in equipment or facilities to grow. Overall, the cash flow profile is a key strength: dependable, positive, and sufficient to cover investments and financial obligations with room to maneuver.

Competitive Edge

Competitive Edge U.S. Physical Therapy benefits from a well‑defined niche and a differentiated operating model. Its partnership structure—owning most of each clinic but leaving meaningful ownership with local therapists—helps align incentives, retain talent, and protect referral relationships, which are critical in outpatient rehab. The company also has scale advantages in a very fragmented market, using centralized back‑office functions to support many locally run clinics. On top of traditional outpatient therapy, its industrial injury prevention business adds a specialized, higher‑value offering to employers, creating a second leg to the stool. Key competitive risks include ongoing reimbursement pressure, intense competition from local and regional providers, and the challenge of continually recruiting and retaining skilled therapists in a tight healthcare labor market.

Innovation and R&D

Innovation and R&D While not a classic research‑heavy company, U.S. Physical Therapy is leaning into practical innovation. In industrial injury prevention, it is using advanced ergonomics software, motion capture, and analytics to help employers reduce workplace injuries, including remote services for distributed and hybrid workforces. In its clinics, it is gradually adopting telehealth, exploring AI‑assisted documentation, and testing more virtual front‑office models to cut administrative friction. Looking ahead, remote therapeutic monitoring is a notable focus, potentially allowing therapists to track patient progress between visits. The opportunity is to improve outcomes and efficiency while opening new service lines, but much depends on effective implementation, therapist adoption, and supportive reimbursement rules.

Summary

Overall, U.S. Physical Therapy presents as a steadily growing, service‑based healthcare company with a long operating history and a disciplined expansion model. Revenue has risen over time, supported by a mix of clinic partnerships and acquisitions, while profitability has been solid but not perfectly smooth. The balance sheet shows measured use of debt and a growing equity base, and cash flows are reliably positive with limited capital spending needs—an attractive combination for a services business. Competitively, the company’s partnership structure, scale in a fragmented market, and specialized industrial injury prevention segment provide meaningful differentiation, though it still faces the usual headwinds of healthcare reimbursement, wage inflation, and talent competition. Its innovation efforts are pragmatic and focused on technology that can directly support better care, efficiency, and new revenue streams rather than on pure research. The key questions going forward center on execution: maintaining margins amid labor and reimbursement pressures, successfully integrating acquisitions, and turning its growing technology capabilities into tangible operational and clinical advantages.

NEWS

November 5, 2025 · 5:00 PM UTC

U.S. Physical Therapy Reports Third Quarter 2025 Results

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October 22, 2025 · 8:30 AM UTC

U.S. Physical Therapy, Inc. Schedules Third Quarter 2025 Earnings Release and Conference Call Dates

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October 1, 2025 · 4:30 PM UTC

U.S. Physical Therapy Presented at the Jefferies Healthcare Services Conference

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